| There is no doubt that the market for houses | | | | offerOnce you have found a home that meets |
| has been on fire recently. More and more | | | | your needs, it is time to make an offer on |
| people are taking advantage of low interest | | | | the property. You will already know the most |
| rates and easy mortgage loan terms to go from | | | | you can spend from the pre-approval process, |
| being renters to being home owners. With so | | | | and you probably will have your own ideas on |
| many people entering the market, it is | | | | what the property is actually worth. In |
| inevitable that questions will arise.There | | | | addition, your real estate agent can guide |
| are many things to consider when buying your | | | | you through the negotiation process and offer |
| first home. Some of the most important steps | | | | procedures. A copy of your pre-approval |
| to buy a house are:Step 1: Learning the home | | | | letter will be presented as part of the |
| buying processStart by learning as much as | | | | written offer. This will ensure the seller |
| you can about how the home buying and | | | | that your offer is legitimate.Step 6: |
| mortgage application process works. Read as | | | | Negotiation processIf the seller accepts your |
| much as you can about buying a home. Check | | | | first offer, congratulations. Your |
| out the many books in your local library that | | | | negotiations are over and you're ready to |
| offer hints to first time home buyers. Read | | | | start preparing for your move. More likely, |
| financial web sites on the internet for tips | | | | however, is that the seller will come back |
| for first time home buyers. You may even want | | | | with a counter-offer. This negotiation |
| to sign up for a class aimed at first time | | | | process can go on for a short or long amount |
| homeowners. Many towns and cities offer these | | | | of time, depending on factors like the |
| kinds of classes, and they can be a great | | | | motivation of the seller, the local real |
| source of information for the buyer looking | | | | estate market, and a host of other factors. |
| for his or her first home.Step 2: Find out | | | | The real estate agent will be a good guide |
| the pre-qualified price rangeIt is important | | | | through the negotiation process. After all, |
| to find out how much you can borrow before | | | | he or she will have been through this process |
| you start looking for a home. Talk with | | | | many times before.Step 7: Provide copy of |
| several mortgage lenders in your area and get | | | | Purchase and Sale Agreement to mortgage |
| pre-qualified for a particular price range. | | | | brokerAfter the negotiation process has been |
| The mortgage lender will be able to help you | | | | completed, you will need to present your |
| determine how much you can borrow based on | | | | mortgage broker with a copy of the Purchase |
| your annual income. In general, mortgage | | | | and Sale Agreement for the home.Step 8: Work |
| lenders recommend that all home related | | | | to close the mortgage loanAfter presenting |
| expenses, including the mortgage payment, | | | | the Purchase and Sales Agreement, you will |
| insurance premiums and real estate taxes, do | | | | need to work with the mortgage broker to |
| not exceed 28% of your monthly income.Step 3: | | | | ensure you meet all the conditions required |
| Get Pre-approved for mortgage loanThe next | | | | for the closing of the mortgage loan.Step 9: |
| step is to get pre-approved for mortgage | | | | ome inspection prior closingPrior to closing, |
| financing. This is similar to getting | | | | you will want to make sure to have a thorough |
| pre-qualified for a price range, but it is a | | | | home inspection performed by a qualified and |
| more formal process. You will need to supply | | | | certified home inspector. A home inspection |
| proof of your income for the pre-approval | | | | will protect you from flaws in the |
| process to move forward. Most lenders will | | | | construction and condition of the home that |
| want to see income tax returns from the past | | | | are not obvious to the naked eye. Home |
| two years as proof of the income you are | | | | inspections can uncover things like |
| claiming.Step 4: House huntingAfter you have | | | | foundation cracks, termite infestation and |
| been pre-approved for your mortgage loan, it | | | | other home quality issues.Step 10: Hand over |
| is time to actually start house hunting with | | | | down paymentAfter the home inspection has |
| a realtor (find out why you need to find a | | | | been performed and the report has come back |
| realtor before buying a house?). Your | | | | clean (or all the items uncovered have been |
| mortgage lender will give you a letter | | | | repaired), it is time for the buyer to |
| stating that you have been pre-approved for a | | | | actually hand over the money for the down |
| mortgage and the amount you are authorized to | | | | payment and sign the loan documents.Step 11: |
| borrow. You will need to present this letter | | | | Collect the house keyAfter the closing of the |
| to the real estate agent when you get | | | | loan, the fun part of home buying begins. |
| started. It is important to get pre-approved | | | | Your real estate agent will hand over the |
| for a mortgage loan before beginning your | | | | keys to your new home and you can actually |
| home search. The real estate agent and real | | | | move in and enjoy your beautiful new home. |
| estate company will be much more willing to | | | | Welcome to moving day!Andrew is the web owner |
| work with you if they know you can afford the | | | | of Home Buying Tips: How to buy a house, a |
| home you are looking at. In addition, sellers | | | | website that provides complete guide on home |
| will take your offer much more seriously if | | | | buying, selling house, home mortgage, |
| it is accompanied by a pre-approval letter | | | | foreclosure, real estate investment and more. |
| from your mortgage lender.Step 5: Make an | | | | |